Today is a happy day. With the setup of Futurelab Brussels, we will finally become active in the Belgian market. Even though we’ve been based here for years, we’ve only had a handful of Belgian customers and never really engaged in any prospecting.
Last weekend I had an interesting experience. On Friday and in part Saturday I participated in the International Marketing Congress in Ghent. On Monday, I was at TEDxBrussels, which by now has become the biggest TEDx in the world. The two events couldn’t have been more different.
It’s official, marketing is irrelevant. At least, it looks that way when you look at the topic of this year’s International Marketing Congress. After all, if all was in good order, would a thousand marketers gather to discuss the ways they can increase the relevance of their profession?
From our experience in optimizing about €5 billion in media funds around the world, we know that between 2 and 40% of any marketing budget delivers absolutely no value to the business. If you’d take a (kind) mean of 10%, this would mean that – globally – annually about $50 billion goes down the drain. Not counting the parts which deliver “little value” and the opportunity cost of lost commercial impact.
If you read this blog on a regular basis, you are probably receptive to the idea that marketing needs to “reboot” itself. Whether driven by the initiative of a visionary and focused CMO, or the – not so gentle - intervention of the executive board, the profession needs to challenge some of its most deeply rooted orthodoxies. The alternative is simply too costly.
According to a recent McKinsey research, marketeers are facing an ever growing credibility gap at the CEO level. The global consultancy interviewed 30 European CEOs and chief marketing officers to get their opinion on marketeers.